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Unlock the highest FD rates: Find the top interest rates, up to 9%, and one-year fixed deposit offers from these banks – MSN
Ahead of the Reserve Bank of India’s (RBI) decision to hike the repo rate, several banks have raised their fixed deposit (FD) interest rates to attract deposits. Here’s a summary of the highest interest rates offered by top banks in India:
Highest FD Interest Rates in India:
- Bank of Baroda: 8.50% (1 year), 8.70% (2 years), 8.90% (3 years)
- Punjab National Bank: 8.50% (1 year), 8.75% (2 years), 9.00% (3 years)
- State Bank of India (SBI): 8.35% (1 year), 8.60% (2 years), 9.00% (3 years)
- Canara Bank: 8.40% (1 year), 8.65% (2 years), 9.00% (3 years)
- ICICI Bank: 8.30% (1 year), 8.65% (2 years), 8.90% (3 years)
- HDFC Bank: 8.25% (1 year), 8.60% (2 years), 9.00% (3 years)
- Kotak Mahindra Bank: 8.30% (1 year), 8.65% (2 years), 9.00% (3 years)
- Axis Bank: 8.20% (1 year), 8.60% (2 years), 9.00% (3 years)
Key Takeaways:
- The highest FD interest rate is offered by Bank of Baroda at 8.90% for a 3-year tenure.
- Canara Bank and Punjab National Bank offer the highest interest rate for a 2-year tenure at 9.00%.
- State Bank of India (SBI) and Kotak Mahindra Bank offer the highest interest rate for a 1-year tenure at 8.60%.
- Interest rates vary depending on the bank, tenure, and deposit amount.
- It is essential to compare FD rates before investing to get the best returns.
Rises in FD interest rates are usually linked to changes in Repo Rates. The RBI increased the Repo Rate by 40 basis points to 4.00% on June 6, 2023, which has led to a hike in FD rates. As a result, investors can now earn higher returns on their deposits. However, it’s crucial to assess the suitability of FDs compared to other investment options, considering factors such as liquidity, tax implications, and inflation.
Would you earn 5X the rewards by loading your ForexPlus card, or is it a savvy financial move?
HDFC Bank is offering a limited-time offer that gives 5X reward points on loading or reloading ForexPlus cards with specified credit cards. Here’s a summary of the offer and factors to consider before availing it:
What are HDFC Bank ForexPlus cards?
HDFC Bank offers various ForexPlus cards that allow you to carry foreign currency on your international trip. Two popular variants are:
- Multicurrency Platinum ForexPlus Chip Card: Can be loaded in 22 currencies with no forex fluctuations.
- Regalia ForexPlus Card: Has zero cross-currency conversion mark-up charges.
5X reward points on loading ForexPlus cards with specified credit cards
The offer is applicable for HDFC Bank customers who load or reload their ForexPlus cards with one of the following credit cards:
- HDFC Bank Regalia First
- HDFC Bank Regalia
- HDFC Bank Regalia Activ
- HDFC Bank Regalia Gold
- HDFC Bank Diners Privilege
- HDFC Bank Diners Black
- HDFC Bank Diners Black Metal
- HDFC Bank Infinia
- HDFC Bank Infinia Metal
How to earn 5X reward points?
The maximum reward points a customer can earn is 15,000 per calendar month. The additional 4X reward points are capped at 15,000, with no capping on the 1X reward points. To be eligible, the minimum transaction value must be Rs. 15,000 or above.
Factors to consider
- Forex card issuance fee and reloading fee
- Forex mark-up charges and cross-currency conversion mark-up charges
- ATM cash withdrawal fee and daily cash withdrawal limits
- Balance enquiry fee, etc.
- The exchange rates offered at the time of card loading or reloading may be higher, reducing the benefit of 0% forex charges.
Should you take the offer?
If you have an upcoming international trip and one of the specified credit cards, consider taking the offer. However, weigh the fees against the reward rate to determine if it’s a good deal for you. If not, consider other options, such as debit and credit cards with 0% cross-currency mark-up.
Interest Rates Compared: A Comparative Analysis of Top Banks – SBI, BoB, PNB, Canara and More
The article discusses the various options for investing in India, with a focus on Fixed Deposits (FDs) in major banks. The article provides an overview of the interest rates offered by six banks – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, ICICI Bank, and HDFC Bank – for FDs of 1 year, 3 years, and 5 years, as well as the estimated returns on an investment of Rs 20 lakh.
The interest rates offered by these banks range from 7.00% to 7.90%, depending on the tenure of the FD. For a 1-year FD, SBI and BoB offer 7.30% interest, while Canara Bank and ICICI Bank offer 7.20%. For a 3-year FD, Canara Bank offers the highest interest rate of 7.90%, while SBI and PNB offer 7.50%. For a 5-year FD, Axis Bank offers the highest interest rate of 7.75%, while HDFC Bank and ICICI Bank offer 7.50%.
According to the article, if you invest Rs 20 lakh in SBI for 1 year, you can get a return of Rs 21,50,046, which is 7.30% of the principal amount. Similarly, an investment in Canara Bank for 3 years can fetch a return of Rs 25,29,033, which is 7.90% of the principal amount. For a 5-year FD, Axis Bank offers the highest return of Rs 29,35,686, which is 7.75% of the principal amount.
Overall, the article suggests that FDs in major Indian banks can be a good option for investors seeking a relatively safe and stable return on their investment. It is worth noting that the interest rates offered by banks are subject to change, and investors should check the current interest rates and other terms and conditions before investing.
HDFC Bank pioneers the first-ever gold trade via its innovative IIBX platform.
HDFC Bank, a leading Indian bank, has made history by executing the first-ever trade in gold on the India International Bullion Exchange (IIBX) under the Special Category – Nominated Bank Category. This significant milestone was achieved on February 28 and paves the way for other nominated banks to follow suit and import bullion through the IIBX ecosystem. The trade, which imported gold through the IIBX platform, marks a significant step forward for India in the global bullion market.
Arup Rakshit, Group Head-Treasury at HDFC Bank, expressed the bank’s happiness in being a part of this historic deal and commended their valued customer, Malabar Gold and Diamonds Limited, for their participation. This achievement is a testament to HDFC Bank’s commitment to supporting India’s efforts to play a larger role in the global bullion market.
The IIBX is a specialist exchange that provides a platform for trading in bullion, including gold, silver, and platinum. The exchange’s Nominated Bank Category allows participating banks to import and export bullion, thereby streamlining the process and reducing costs. This development is expected to have a positive impact on the Indian bullion market, providing greater access to the global market and increasing market liquidity.
This achievement is also significant from the perspective of the Reserve Bank of India (RBI), which has been promoting the development of a robust gold market in the country. The RBI has been encouraging the use of the Indian Gold Market to enable increased gold trading and investment, which will help to reduce our dependence on imported gold and increase the nation’s foreign exchange reserves.
Overall, HDFC Bank’s successful trade on the IIBX marks a significant milestone in India’s bullion market, demonstrating the country’s growing presence in the global bullion market. This achievement is expected to attract other banks and market players to the IIBX platform, leading to increased market activity and growth in the Indian bullion market.
HDFC Securities recommends buying Federal Bank shares with a target price of Rs 210.
HDFC Securities has issued a buy call on Federal Bank, with a revised target price of Rs 210, down from the earlier target of Rs 220. The current market price of Federal Bank is Rs 180.9. The bank’s key products include interest and discount on advances, income from investments, and interest on balances with RBI and other inter-bank funds.
The bank’s financials show a consolidated total income of Rs 8196.02 crores for the quarter ended December 2024, a 2.25% increase from the previous quarter and a 17.19% increase from the same quarter last year. The bank has reported a net profit after tax of Rs 944.15 crores in the latest quarter.
HDFC Securities is optimistic about Federal Bank’s prospects, citing the bank’s plan to monetize its balance sheet strengths by increasing CASA mobilization, scaling medium-yield businesses, and increasing fee income from areas such as trade, foreign exchange, wealth management, and commercial mortgage services. The bank’s new MD is focusing on improving the deposit mix and pricing power, which will lead to improved profitability.
The brokerage firm expects Federal Bank to capitalize on its current strengths, including its quality deposit franchise and superior underwriting standards, with clear catalysts for earnings reflation. They have tweaked their estimates to factor in elevated operating expenses in FY26E and building in operating efficiencies in FY27E. Despite this, HDFC Securities maintains a buy call on the bank with a revised target price of Rs 210.
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